MSCI (MSCI) 10-Q 4 Aug 17 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2017	Jul. 28, 2017
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
Trading Symbol	MSCI
Entity Registrant Name	MSCI Inc.
Entity Central Index Key	1,408,198
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		90,059,125

Condensed Consolidated Statemen

Condensed Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 750,581	$ 791,834
Accounts receivable (net of allowances of $1,296 and $1,035 at June 30, 2017 and December 31, 2016, respectively)	289,227	221,504
Prepaid income taxes	16,201	12,389
Prepaid and other assets	27,429	29,943
Total current assets	1,083,438	1,055,670
Property, equipment and leasehold improvements (net of accumulated depreciation and amortization of $155,884 and $136,841 at June 30, 2017 and December 31, 2016, respectively)	88,825	95,585
Goodwill	1,558,429	1,555,850
Intangible assets (net of accumulated amortization of $485,960 and $462,860 at June 30, 2017 and December 31, 2016, respectively)	332,624	347,640
Deferred tax assets	9,992	9,531
Other non-current assets	16,789	18,302
Total assets	3,090,097	3,082,578
Current liabilities:
Accounts payable	329	568
Accrued compensation and related benefits	72,107	119,113
Other accrued liabilities	80,845	82,531
Deferred revenue	399,116	334,358
Total current liabilities	552,397	536,570
Long-term debt	2,076,647	2,075,201
Deferred taxes	87,422	94,067
Other non-current liabilities	66,431	59,135
Total liabilities	2,782,897	2,764,973
Commitments and Contingencies (see Note 6 and Note 7)
Shareholders' equity:
Preferred stock (par value $0.01, 100,000,000 share authorized; no shares issued)
Common stock (par value $0.01; 750,000,000 common shares authorized; 129,477,122 and 128,996,344 common shares issued and 90,129,138 and 91,279,590 common shares outstanding at June 30, 2017 and December 31, 2016, respectively)	1,295	1,290
Treasury shares, at cost (39,347,984 and 37,716,754 common shares held at June 30, 2017 and December 31, 2016, respectively)	(2,312,471)	(2,170,739)
Additional paid in capital	1,246,779	1,225,565
Retained earnings	1,424,962	1,322,224
Accumulated other comprehensive loss	(53,365)	(60,735)
Total shareholders' equity	307,200	317,605
Total liabilities and shareholders' equity	$ 3,090,097	$ 3,082,578

Condensed Consolidated Stateme3

Condensed Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Statement Of Financial Position [Abstract]
Accounts receivable, allowances	$ 1,296	$ 1,035
Property, equipment and leasehold improvements, accumulated depreciation and amortization	155,884	136,841
Intangible assets, accumulated amortization	$ 485,960	$ 462,860
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	100,000,000	100,000,000
Preferred stock, shares issued	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	750,000,000	750,000,000
Common stock, shares issued	129,477,122	128,996,344
Common stock, shares outstanding	90,129,138	91,279,590
Treasury shares	39,347,984	37,716,754

Condensed Consolidated Stateme4

Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Income Statement [Abstract]
Operating revenues	$ 316,089	$ 290,596	$ 617,296	$ 569,424
Operating expenses:
Cost of revenues	68,595	62,130	136,116	125,302
Selling and marketing	41,594	41,854	84,608	83,543
Research and development	18,203	18,566	37,180	37,494
General and administrative	21,448	22,019	42,452	43,909
Amortization of intangible assets	11,122	11,943	22,373	23,783
Depreciation and amortization of property, equipment and leasehold improvements	9,159	8,393	17,997	16,561
Total operating expenses	170,121	164,905	340,726	330,592
Operating income	145,968	125,691	276,570	238,832
Interest income	(1,310)	(585)	(2,242)	(1,206)
Interest expense	29,027	22,918	58,051	45,822
Other expense (income)	740	2,814	1,625	2,895
Other expense (income), net	28,457	25,147	57,434	47,511
Income before provision for income taxes	117,511	100,544	219,136	191,321
Provision for income taxes	36,245	33,587	64,919	63,997
Net income	$ 81,266	$ 66,957	$ 154,217	$ 127,324
Earnings per basic common share	$ 0.90	$ 0.69	$ 1.70	$ 1.30
Earnings per diluted common share	$ 0.89	$ 0.69	$ 1.68	$ 1.29
Weighted average shares outstanding used in computing earnings per share
Basic	90,404	96,412	90,555	97,918
Diluted	91,708	96,888	91,665	98,443
Dividend declared per common share	$ 0.28	$ 0.22	$ 0.56	$ 0.44

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 81,266	$ 66,957	$ 154,217	$ 127,324
Other comprehensive (loss) income:
Foreign currency translation adjustments	4,963	(12,691)	7,904	(12,387)
Income tax effect		212		145
Foreign currency translation adjustments, net	4,963	(12,479)	7,904	(12,242)
Pension and other post-retirement adjustments	(175)	81	(274)	(232)
Income tax effect	(297)	(20)	(260)	62
Pension and other post-retirement adjustments, net	(472)	61	(534)	(170)
Other comprehensive (loss) income, net of tax	4,491	(12,418)	7,370	(12,412)
Comprehensive income	$ 85,757	$ 54,539	$ 161,587	$ 114,912

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Cash flows from operating activities
Net income	$ 154,217	$ 127,324
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of intangible assets	22,373	23,783
Stock-based compensation expense	18,737	15,273
Depreciation and amortization of property, equipment and leasehold improvements	17,997	16,561
Amortization of debt origination fees	1,698	1,417
Deferred taxes	(7,080)	(4,756)
Other non-cash adjustments	(464)	511
Changes in assets and liabilities:
Accounts receivable	(66,661)	(40,381)
Prepaid income taxes	(4,157)	(5,193)
Prepaid and other assets	2,918	2,341
Accounts payable	(247)	(790)
Accrued compensation and related benefits	(48,366)	(39,388)
Other accrued liabilities	(1,862)	7,724
Deferred revenue	63,618	47,972
Other	6,511	2,585
Net cash provided by operating activities	159,232	154,983
Cash flows from investing activities
Capital expenditures	(11,051)	(13,277)
Capitalized software development costs	(5,613)	(5,088)
Proceeds from sale of investments	771
Acquisitions, net of cash acquired		(60)
Net cash used in investing activities	(15,893)	(18,425)
Cash flows from financing activities
Proceeds from exercise of stock options	1,273	3,442
Repurchase of treasury shares	(140,977)	(466,745)
Payment of dividends	(50,920)	(43,281)
Net cash used in financing activities	(190,624)	(506,584)
Effect of exchange rate changes	6,032	(3,066)
Net decrease in cash	(41,253)	(373,092)
Cash and cash equivalent, beginning of period	791,834	777,706
Cash and cash equivalent, end of period	750,581	404,614
Supplemental disclosure of cash flow information:
Cash paid for interest	56,157	44,660
Cash paid for income taxes	71,246	72,293
Supplemental disclosure of non-cash investing activities
Property, equipment and leasehold improvements in other accrued liabilities	3,765	6,042
Supplemental disclosure of non-cash financing activities
Cash dividends declared, but not yet paid	$ 535	$ 354

Introduction and Basis of Prese

Introduction and Basis of Presentation	6 Months Ended
	Jun. 30, 2017
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Introduction and Basis of Presentation	1. INTRODUCTION AND BASIS OF PRESENTATION MSCI Inc., together with its wholly-owned subsidiaries (the “Company” or “MSCI”), offers products and services to support the needs of institutional investors throughout their investment processes. The Company’s products and services include the development and production of indexes and analytical models; the provision of ratings and analysis that identify environmental, social and governance risks and opportunities and the analysis of real estate in both privately and publicly owned portfolios. Basis of Presentation and Use of Estimates These unaudited condensed consolidated financial statements include the accounts of MSCI Inc. and its subsidiaries and include all adjustments of a normal, recurring nature necessary to state fairly the financial condition as of June 30, 2017 and December 31, 2016, the results of operations and comprehensive income for the three and six months ended June 30, 2017 and 2016 and cash flows for the six months ended June 30, 2017 and 2016. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in MSCI’s Annual Report on Form 10-K for the year ended December 31, 2016. The unaudited condensed consolidated financial statement information as of December 31, 2016 has been derived from the 2016 audited consolidated financial statements. The results of operations for interim periods are not necessarily indicative of results for the entire year. The Company’s unaudited condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). These accounting principles require the Company to make certain estimates and judgments that can affect the reported amounts of assets and liabilities as of the date of the unaudited condensed consolidated financial statements, as well as the reported amounts of revenue and expenses during the periods presented. Significant estimates and assumptions made by management include the deferral and recognition of revenue, research and development and software capitalization, impairment of long-lived assets, accrued compensation, income taxes and other matters that affect the unaudited condensed consolidated financial statements and related disclosures. The Company believes that estimates used in the preparation of these unaudited condensed consolidated financial statements are reasonable; however, actual results could differ materially from these estimates. Intercompany balances and transactions are eliminated in consolidation. Concentrations For the six months ended June 30, 2017, BlackRock, Inc. accounted for 10.7% of the Company’s consolidated operating revenues while no single customer represented 10.0% or more of the Company’s consolidated operating revenues for the six months ended June 30, 2016. For the six months ended June 30, 2017 and 2016, BlackRock, Inc. accounted for 19.0% and 16.9% of the Index segment operating revenues, respectively. No single customer represented 10.0% or more of revenues within the Analytics and All Other segments for the six months ended June 30, 2017 and 2016.

Recent Accounting Standards Upd

Recent Accounting Standards Updates	6 Months Ended
	Jun. 30, 2017
Accounting Changes And Error Corrections [Abstract]
Recent Accounting Standards Updates	2. RECENT ACCOUNTING STANDARDS UPDATES In May 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-09, “ Revenue from Contracts with Customers (Topic 606) Deferral of the Effective Date In March 2016, the FASB issued ASU 2016-08, “ Principal Versus Agent Considerations (Reporting Revenue Gross Versus Net) Identifying Performance Obligations and Licensing Narrow-Scope Improvements and Practical Expedients Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers In February 2016, the FASB issued Accounting Standards Update No. 2016-02, “ Leases (Topic 842) In March 2016, the FASB issued Accounting Standards Update No. 2016-09, “ Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, In June 2016, the FASB issued Accounting Standards Update No. 2016-13, “ Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments In January 2017, the FASB issued Accounting Standards Update No. 2017-01, “ Business Combinations (Topic 805): Clarifying the Definition of a Business In January 2017, the FASB issued Accounting Standards Update No. 2017-04, “ Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment In February 2017, the FASB issued ASU No. 2017-07, “ Compensation—Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost In May 2017, the FASB issued Accounting Standards Update No. 2017-09, “ Compensation—Stock Compensation (Topic 718), Scope of Modification Accounting,

Earnings Per Common Share

Earnings Per Common Share	6 Months Ended
	Jun. 30, 2017
Earnings Per Share [Abstract]
Earnings Per Common Share	3. EARNINGS PER COMMON SHARE Basic earnings per share (“EPS”) is computed by dividing income available to MSCI common shareholders by the weighted average number of common shares outstanding during the period. Common shares outstanding include common stock and vested restricted stock unit awards where recipients have satisfied either the explicit vesting terms or retirement-eligible requirements. Diluted EPS reflects the assumed conversion of all dilutive securities. There were 1,501 anti-dilutive securities excluded from the calculation of diluted EPS for the six months ended June 30, 2017, respectively. There were no anti-dilutive securities excluded from the calculation of diluted EPS for the three months ended June 30, 2017 and the three and six months ended June 30, 2016. The following table presents the computation of basic and diluted EPS: Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 (in thousands, except per share data) Net income $ 81,266 $ 66,957 $ 154,217 $ 127,324 Basic weighted average common shares outstanding 90,404 96,412 90,555 97,918 Effect of dilutive securities: Stock options and restricted stock units 1,304 476 1,110 525 Diluted weighted average common shares outstanding 91,708 96,888 91,665 98,443 Earnings per basic common share $ 0.90 $ 0.69 $ 1.70 $ 1.30 Earnings per diluted common share $ 0.89 $ 0.69 $ 1.68 $ 1.29

Property, Equipment and Leaseho

Property, Equipment and Leasehold Improvements	6 Months Ended
	Jun. 30, 2017
Property Plant And Equipment [Abstract]
Property, Equipment and Leasehold Improvements	4. PROPERTY, EQUIPMENT AND LEASEHOLD IMPROVEMENTS Property, equipment and leasehold improvements at June 30, 2017 and December 31, 2016 consisted of the following: As of June 30, December 31, 2017 2016 (in thousands) Computer & related equipment $ 175,117 $ 162,306 Furniture & fixtures 10,207 9,724 Leasehold improvements 51,045 49,442 Work-in-process 8,340 10,954 Subtotal 244,709 232,426 Accumulated depreciation and amortization (155,884 ) (136,841 ) Property, equipment and leasehold improvements, net $ 88,825 $ 95,585 Depreciation and amortization expense of property, equipment and leasehold improvements was $9.2 million and $8.4 million for the three months ended June 30, 2017 and 2016, respectively. Depreciation and amortization expense of property, equipment and leasehold improvements was $18.0 million and $16.6 million for the six months ended June 30, 2017 and 2016, respectively.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	6 Months Ended
	Jun. 30, 2017
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	5. GOODWILL AND INTANGIBLE ASSETS Goodwill The following table presents goodwill by reportable segment: (in thousands) Index Analytics All Other (1) Total Goodwill at December 31, 2016 $ 1,202,448 $ 302,611 $ 50,791 $ 1,555,850 Foreign exchange translation adjustment 1,596 — 983 2,579 Goodwill at June 30, 2017 $ 1,204,044 $ 302,611 $ 51,774 $ 1,558,429 (1) The goodwill in All Other at June 30, 2017, consisted of $31.6 million in the ESG segment and $20.2 million in the Real Estate segment and at December 31, 2016 consisted of $31.6 million in the ESG segment and $19.2 million in the Real Estate segment. Intangible Assets Amortization expense related to intangible assets for the three months ended June 30, 2017 and 2016 was $11.1 million and $11.9 million, respectively. Amortization expense related to intangible assets for the six months ended June 30, 2017 and 2016 was $22.4 million and $23.8 million, respectively. The gross carrying and accumulated amortization amounts related to the Company’s identifiable intangible assets were as follows: As of June 30, December 31, 2017 2016 (in thousands) Gross intangible assets: Customer relationships $ 361,199 $ 361,199 Trademarks/trade names 223,382 223,382 Technology/software 215,572 210,013 Proprietary data 28,627 28,627 Covenant not to compete 1,225 1,225 Subtotal 830,005 824,446 Foreign exchange translation adjustment (11,421 ) (13,946 ) Total gross intangible assets $ 818,584 $ 810,500 Accumulated amortization: Customer relationships (178,011 ) (166,923 ) Trademarks/trade names (110,878 ) (105,077 ) Technology/software (188,825 ) (184,290 ) Proprietary data (9,441 ) (8,571 ) Covenant not to compete (1,171 ) (1,089 ) Subtotal (488,326 ) (465,950 ) Foreign exchange translation adjustment 2,366 3,090 Total accumulated amortization $ (485,960 ) $ (462,860 ) Net intangible assets: Customer relationships $ 183,188 $ 194,276 Trademarks/trade names 112,504 118,305 Technology/software 26,747 25,723 Proprietary data 19,186 20,056 Covenant not to compete 54 136 Subtotal 341,679 358,496 Foreign exchange translation adjustment (9,055 ) (10,856 ) Total net intangible assets $ 332,624 $ 347,640 The following table presents the estimated amortization expense for the remainder of 2017 and succeeding years: Years Ending December 31, Amortization Expense (in thousands) Remainder 2017 $ 21,314 2018 42,836 2019 40,829 2020 38,956 2021 37,203 Thereafter 151,486 Total $ 332,624

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2017
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	6. COMMITMENTS AND CONTINGENCIES Legal matters . From time to time, the Company is party to various litigation matters incidental to the conduct of its business. The Company is not presently party to any legal proceedings the resolution of which the Company believes would have a material effect on its business, operating results, financial condition or cash flows. Leases. The Company leases facilities under non-cancelable operating lease agreements. The terms of certain lease agreements provide for rental payments on a graduated basis. The Company recognizes rent expense on the straight-line basis over the lease period and has accrued for rent expense incurred but not paid. Rent expense was $6.1 million for both the three months ended June 30, 2017 and 2016. Rent expense for the six months ended June 30, 2017 and 2016 was $11.9 million and $12.2 million, respectively. Senior Notes. The Company has issued an aggregate of $2.1 billion in senior unsecured notes (collectively, the “Senior Notes”) in the three discrete private offerings described below. On November 20, 2014, the Company completed its private offering of $800.0 million aggregate principal amount of 5.25% senior unsecured notes due 2024 (the “2024 Senior Notes”). The Company used the net proceeds from the offering of the 2024 Senior Notes, together with cash on hand, to repay in full its then outstanding term loan indebtedness of $794.8 million. On August 13, 2015, the Company completed its private offering of $800.0 million aggregate principal amount of 5.75% senior unsecured notes due 2025 (the “2025 Senior Notes”). The $789.5 million of net proceeds from the offering of the 2025 Senior Notes were allocated for general corporate purposes. On August 4, 2016, the Company completed its private offering of $500.0 million aggregate principal amount of 4.75% senior unsecured notes due 2026 (the “2026 Senior Notes”). The $493.3 million of net proceeds from the offering of the 2026 Senior Notes were allocated for general corporate purposes, including, without limitation, buybacks of its common stock and potential acquisitions. The 2024 Senior Notes are scheduled to mature and be paid in full on November 15, 2024. At any time prior to November 15, 2019, the Company may redeem all or part of the 2024 Senior Notes upon not less than 30 nor more than 60 days’ prior notice at a redemption price equal to the sum of (i) 100% of the principal amount thereof, plus (ii) a make-whole premium as of the date of redemption, plus (iii) accrued and unpaid interest and additional interest, if any, thereon, to the date of redemption. In addition, the Company may redeem all or part of the 2024 Senior Notes, together with accrued and unpaid interest, on or after November 15, 2019, at redemption prices set forth in the indenture governing the 2024 Senior Notes. At any time prior to November 15, 2017, the Company may use the proceeds of certain equity offerings to redeem up to 35% of the aggregate principal amount of the 2024 Senior Notes, including any permitted additional notes, at a redemption price equal to 105.25% of the principal amount. The 2025 Senior Notes are scheduled to mature and be paid in full on August 15, 2025. At any time prior to August 15, 2020, the Company may redeem all or part of the 2025 Senior Notes upon not less than 30 nor more than 60 days’ prior notice at a redemption price equal to the sum of (i) 100% of the principal amount thereof, plus (ii) a make-whole premium as of the date of redemption, plus (iii) accrued and unpaid interest and additional interest, if any, thereon, to the date of redemption. In addition, the Company may redeem all or part of the 2025 Senior Notes, together with accrued and unpaid interest, on or after August 15, 2020, at redemption prices set forth in the indenture governing the 2025 Senior Notes. At any time prior to August 15, 2018, the Company may use the proceeds of certain equity offerings to redeem up to 35% of the aggregate principal amount of the 2025 Senior Notes, including any permitted additional notes, at a redemption price equal to 105.75% of the principal amount. The 2026 Senior Notes are scheduled to mature and be paid in full on August 1, 2026. At any time prior to August 1, 2021, the Company may redeem all or part of the 2026 Senior Notes upon not less than 30 nor more than 60 days’ prior notice at a redemption price equal to the sum of (i) 100% of the principal amount thereof, plus (ii) a make-whole premium as of the date of redemption, plus (iii) accrued and unpaid interest and additional interest, if any, thereon, to the date of redemption. In addition, the Company may redeem all or part of the 2026 Senior Notes, together with accrued and unpaid interest, on or after August 1, 2021, at redemption prices set forth in the indenture governing the 2026 Senior Notes. At any time prior to August 1, 2019, the Company may use the proceeds of certain equity offerings to redeem up to 35% of the aggregate principal amount of the 2026 Senior Notes, including any permitted additional notes, at a redemption price equal to 104.75% of the principal amount. Interest payments attributable to the 2024 Senior Notes are due on May 15 and November 15 of each year. The first interest payment was made on May 15, 2015. Interest payments attributable to the 2025 Senior Notes are due on February 15 and August 15 of each year. The first interest payment was made on February 16, 2016. Interest payments attributable to the 2026 Senior Notes are due on February 1 and August 1 of each year. The first interest payment was made on February 1, 2017. Revolver. On November 20, 2014, the Company entered into a $200.0 million senior unsecured revolving credit agreement (the “2014 Revolving Credit Agreement”) with a syndicate of banks. The 2014 Revolving Credit Agreement had an initial term of five years with an option to extend for two additional one-year terms. On August 4, 2016, the Company entered into Amendment No. 1 (the “Amendment”) to the 2014 Revolving Credit Agreement (the 2014 Revolving Credit Agreement as so amended, the “Revolving Credit Agreement”). The Amendment, among other things, (i) increased aggregate commitments available to be borrowed to $220.0 million, (ii) increased the maximum consolidated leverage ratio and (iii) extended the initial term to August 2021 with an option to extend for an additional one-year term. No amounts have ever been drawn under the Revolving Credit Agreement. Long-term debt at June 30, 2017 was $2,076.6 million, net of $23.4 million in deferred financing fees. Long-term debt at December 31, 2016 was $2,075.2 million, net of $24.8 million in deferred financing fees. In connection with the closings of the Senior Notes offerings and entry into the 2014 Revolving Credit Agreement and the Amendment, the Company paid certain fees which, together with the existing fees related to prior credit facilities, are being amortized over the related lives. At June 30, 2017, $25.4 million of the deferred financing fees remain unamortized, $0.5 million of which is included in “Prepaid and other assets,” $1.5 million of which is included in “Other non-current assets” and $23.4 million of which is grouped and presented as part of “Long-term debt” on the Unaudited Condensed Consolidated Statement of Financial Condition. At June 30, 2017 and December 31, 2016, the fair market value of the Company’s debt obligations was $2,237.8 million and $2,192.5 million, respectively. The fair market value is determined in accordance with accounting standards related to the determination of fair value and represents Level 2 valuations, which are based on one or more quoted prices in markets that are not considered to be active or for which all significant inputs are observable, either directly or indirectly. The Company utilizes the market approach and obtains security pricing from a vendor who uses broker quotes and third-party pricing services to determine fair values. Derivatives and Hedging Activities. The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity and credit risk, primarily by managing the amount, sources and duration of its debt funding and the use of derivative financial instruments. Certain of the Company’s foreign operations expose the Company to fluctuations of foreign exchange rates. These fluctuations may impact the value of the Company’s cash receipts and payments in terms of the Company’s functional currency, the U.S. dollar. The Company enters into derivative financial instruments to protect the value or fix the amount of certain exposures in terms of its functional currency. Non-designated Hedges of Foreign Exchange Risk. Derivatives not designated as hedges are not speculative and are used to manage the Company’s economic exposure to foreign exchange rate movements but do not meet the strict hedge accounting requirements. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings. As of June 30, 2017, the Company had outstanding foreign currency forwards with a notional amount of $34.1 million that were not designated as hedges in qualifying hedging relationships. The following table presents the fair values of the Company’s derivative instruments and the location in which they are presented on the Company’s Unaudited Condensed Consolidated Statements of Financial Condition: Unaudited Condensed As of Consolidated Statements of June 30, December 31, (in thousands) Financial Condition Location 2017 2016 Non-designated hedging instruments: Asset derivatives: Foreign exchange contracts Prepaid and other assets $ 9 $ 27 Liability derivatives: Foreign exchange contracts Other accrued liabilities $ (127 ) $ (124 ) The Company’s foreign exchange forward contracts represent Level 2 valuations, as they were valued using pricing models that took into account the contract terms as well as multiple observable inputs where applicable, such as prevailing spot rates and forward points. The following table presents the effect of the Company’s financial derivatives and the location in which they are presented on the Company’s Unaudited Condensed Consolidated Statements of Income: Amount of Gain or (Loss) Recognized Derivatives Not Designated as Location of Gain or in Income on Derivatives for the Hedging Instruments (Loss) Recognized Three Months Ended June 30, (in thousands) in Income on Derivatives 2017 2016 Foreign exchange contracts Other expense (income) $ (785 ) $ 700 Amount of Gain or (Loss) Recognized Derivatives Not Designated as Location of Gain or in Income on Derivatives for the Hedging Instruments (Loss) Recognized Six Months Ended June 30, (in thousands) in Income on Derivatives 2017 2016 Foreign exchange contracts Other expense (income) $ (1,119 ) $ 914

Shareholders' Equity

Shareholders' Equity	6 Months Ended
	Jun. 30, 2017
Equity [Abstract]
Shareholders' Equity	7. SHAREHOLDERS’ EQUITY Return of capital . On October 28, 2015, the Board of Directors approved a new stock repurchase program authorizing the purchase of up to $1.0 billion worth of shares of MSCI’s common stock (the “2015 Repurchase Program”). On October 26, 2016, the Board of Directors approved an additional stock repurchase program authorizing the purchase of up to $750.0 million worth of shares of the Company’s common stock (together with the $330.3 million remaining authorization under the 2015 Repurchase Program, the “2016 Repurchase Program”). Share repurchases made pursuant to the 2016 Repurchase Program may take place in the open market or in privately negotiated transactions from time to time based on market and other conditions. This authorization may be modified, suspended or terminated by the Board of Directors at any time without prior notice. As of June 30, 2017, there was $742.2 million of available authorization remaining under the 2016 Repurchase Program. The following table provides information with respect to repurchases of the Company’s common stock made on the open market: Six Months Ended Average Price Paid Per Share Total Number of Shares Repurchased Dollar Value of Shares Repurchased (in thousands) June 30, 2017 $ 86.98 1,468 $ 127,735 June 30, 2016 $ 70.12 6,496 $ 455,516 The following table presents dividends declared per common share as well as total amounts declared, distributed and deferred for the periods indicated: Dividends (in thousands, except per share amounts) Per Share Declared Distributed Deferred 2017 Three Months Ended March 31, $ 0.28 $ 25,769 $ 25,500 $ 269 Three Months Ended June 30, 0.28 25,710 25,444 266 Total $ 0.56 $ 51,479 $ 50,944 $ 535 2016 Three Months Ended March 31, $ 0.22 $ 22,046 $ 21,889 $ 157 Three Months Ended June 30, 0.22 21,588 21,391 197 Total $ 0.44 $ 43,634 $ 43,280 $ 354 Common Stock. The following table presents activity related to shares of common stock issued and repurchased during the six months ended June 30, 2017: Common Stock Treasury Common Stock Issued Stock Outstanding Balance At December 31, 2016 128,996,344 (37,716,754 ) 91,279,590 Dividend payable/paid 114 (114 ) — Common stock issued and exercise of stock options 389,198 — 389,198 Shares withheld for tax withholding and exercises — (139,208 ) (139,208 ) Shares repurchased under stock repurchase programs — (1,079,005 ) (1,079,005 ) Shares issued to directors 51 (10 ) 41 Balance At March 31, 2017 129,385,707 (38,935,091 ) 90,450,616 Dividend payable/paid 126 (126 ) — Common stock issued and exercise of stock options 82,960 — 82,960 Shares withheld for tax withholding and exercises — (16,002 ) (16,002 ) Shares repurchased under stock repurchase programs — (389,479 ) (389,479 ) Shares issued to directors 8,329 (7,286 ) 1,043 Balance At June 30, 2017 129,477,122 (39,347,984 ) 90,129,138

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2017
Income Tax Disclosure [Abstract]
Income Taxes	8. INCOME TAXES The Company’s provision for income taxes was $64.9 million and $64.0 million for the six months ended June 30, 2017 and 2016, respectively. These amounts reflect effective tax rates of 29.6% and 33.5% for the six months ended June 30, 2017 and 2016, respectively. The decrease in the effective tax rate was primarily driven by the change in the mix of profits between tax jurisdictions as well as the impact of discrete items, including the excess tax benefits related to the adoption of ASU 2016-09 during the three months ended March 31, 2017. See Note 2, “Recent Accounting Standards Updates,” for more information regarding the adoption of ASU 2016-09. The effective tax rate of 29.6% for the six months ended June 30, 2017 reflects the Company’s estimate of the effective tax rate for the period and was impacted by certain discrete items totaling $3.9 million, primarily related to the $4.1 million of excess tax benefits on share-based compensation recognized during the period, which decreased the Company’s effective tax rate by 1.8 percentage points. The Company is under examination by the IRS and other tax authorities in certain jurisdictions, including foreign jurisdictions, such as India, and states in which the Company has significant operations, such as New York. The tax years currently under examination vary by jurisdiction but include years ranging from 2005 through 2016. As a result of having previously been a member of the Morgan Stanley consolidated group, the Company may have future settlements with Morgan Stanley related to the ultimate disposition of their New York State and New York City examination relating to the tax years 2007 and 2008 and their IRS examination relating to the tax years 2006 through 2008. The Company does not believe it has any material exposure to the New York State and New York City examinations. Additionally, the Company believes it has adequate reserves for any tax issues that may arise out of the IRS examination relating to the tax years 2006 through 2008 and therefore does not believe any related settlement with Morgan Stanley will have a material impact. The Company regularly assesses the likelihood of additional assessments in each of the taxing jurisdictions in which it files income tax returns. The Company has established unrecognized tax benefits that the Company believes are adequate in relation to the potential for additional assessments. Once established, the Company adjusts unrecognized tax benefits only when more information is available or when an event occurs necessitating a change. As part of the Company’s periodic review of unrecognized tax benefits and based on new information regarding the status of federal and state examinations, the Company’s unrecognized tax benefits were remeasured. It is reasonably possible that significant changes in the balance of unrecognized tax benefits may occur within the next 12 months. At this time, however, it is not possible to reasonably estimate the expected change to the total amount of unrecognized tax benefits and the impact on the effective tax rate over the next 12 months.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2017
Segment Reporting [Abstract]
Segment Information	9. SEGMENT INFORMATION ASC Subtopic 280-10, “Segment Reporting,” The CODM measures and evaluates reportable segments based on segment operating revenues as well as Adjusted EBITDA and other measures. The Company excludes the following items from segment Adjusted EBITDA: provision for income taxes, other expense (income), net, depreciation and amortization of property, equipment and leasehold improvements, amortization of intangible assets and certain transactions or adjustments that the CODM does not consider for the purposes of making decisions to allocate resources among segments or to assess segment performance. Although these amounts are excluded from segment Adjusted EBITDA, they are included in reported consolidated net income and are included in the reconciliation that follows. The Company’s computation of segment Adjusted EBITDA may not be comparable to other similarly titled measures computed by other companies because all companies do not calculate segment Adjusted EBITDA in the same fashion. Revenues and expenses directly associated with each segment are included in determining its operating results. Other expenses that are not directly attributable to a particular segment are allocated based upon allocation methodologies, including time estimates, headcount, sales targets, data center consumption and other relevant usage measures. Due to the integrated structure of our business, certain costs incurred by one segment may benefit other segments. A segment may use the content and data produced by another segment without incurring an arm’s-length intersegment charge. The CODM does not review any information regarding total assets on an operating segment basis. Operating segments do not record intersegment revenue, and, accordingly, there is none to be reported. The accounting policies for segment reporting are the same as for MSCI as a whole. The Company has four operating segments: Index, Analytics, ESG and Real Estate. The Index operating segment is primarily a provider of equity indexes. The indexes are used in many areas of the investment process, including index-linked product creation and performance benchmarking, as well as portfolio construction and rebalancing and asset allocation. The Analytics operating segment uses analytical content to create products and services which offer institutional investors an integrated view of risk and return. Its research-enhanced products and services help institutional investors understand and control for market, credit, liquidity and counterparty risk across all major asset classes, spanning short, medium and long-term time horizons. The Analytics global risk and performance platform is built for scale, enabling clients to conduct complex calculations and stress tests. Analytics offers products and services that assist institutional investors with portfolio construction, risk management, performance attribution and regulatory reporting. The ESG operating segment offers products and services that help institutional investors understand how environmental, social and governance (“ESG”) factors can impact the long-term risk of their investments. In addition, the ESG operating segment’s data and ratings products are used in the construction of equity and fixed income indexes to help institutional investors benchmark ESG investment performance, issue index-based investment products, as well as manage, measure and report on ESG mandates. The Real Estate operating segment is a provider of real estate performance analysis for funds, investors, managers and lenders, as well as occupiers through the disposition of the Real Estate occupiers business. This segment provides products and offers services that include research, reporting and benchmarking. During the year ended December 31, 2016, the Company disposed of the Real Estate occupiers business. The operating segments of ESG and Real Estate do not individually meet the segment reporting thresholds and have been combined and presented as part of All Other for disclosure purposes. The following table presents operating revenue by reportable segment for the periods indicated: Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 (in thousands) Operating revenues Index $ 177,156 $ 152,117 $ 340,591 $ 296,730 Analytics 113,367 112,393 225,787 222,656 All Other 25,566 26,086 50,918 50,038 Total $ 316,089 $ 290,596 $ 617,296 $ 569,424 The following table presents segment profitability and a reconciliation to net income for the periods indicated: Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 (in thousands) Index Adjusted EBITDA $ 129,476 $ 106,518 $ 245,113 $ 206,567 Analytics Adjusted EBITDA 31,741 33,302 61,277 63,662 All Other Adjusted EBITDA 5,032 6,207 10,550 8,947 Total operating segment profitability 166,249 146,027 316,940 279,176 Amortization of intangible assets 11,122 11,943 22,373 23,783 Depreciation and amortization of property, equipment and leasehold improvements 9,159 8,393 17,997 16,561 Operating income 145,968 125,691 276,570 238,832 Other expense (income), net 28,457 25,147 57,434 47,511 Provision for income taxes 36,245 33,587 64,919 63,997 Net income $ 81,266 $ 66,957 $ 154,217 $ 127,324 Revenue by geography is based on the shipping address of the ultimate customer utilizing the product. The following table presents revenue by geographic area for the periods indicated: Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 (in thousands) Revenues Americas: United States $ 155,997 $ 134,719 $ 300,835 $ 272,364 Other 11,298 11,388 22,952 21,970 Total Americas 167,295 146,107 323,787 294,334 Europe, the Middle East and Africa ("EMEA"): United Kingdom 47,237 43,976 94,262 86,586 Other 63,786 63,435 124,088 116,874 Total EMEA 111,023 107,411 218,350 203,460 Asia & Australia: Japan 13,237 13,563 26,063 26,203 Other 24,534 23,515 49,096 45,427 Total Asia & Australia 37,771 37,078 75,159 71,630 Total $ 316,089 $ 290,596 $ 617,296 $ 569,424 Long-lived assets consist of property, equipment, leasehold improvements, goodwill and intangible assets, net of accumulated depreciation and amortization. The following table presents long-lived assets by geographic area on the dates indicated: As of June 30, December 31, 2017 2016 (in thousands) Long-lived assets Americas: United States $ 1,854,391 $ 1,876,366 Other 1,881 1,543 Total Americas 1,856,272 1,877,909 EMEA: United Kingdom 91,999 89,466 Other 23,433 23,780 Total EMEA 115,432 113,246 Asia & Australia: Japan 279 357 Other 7,895 7,563 Total Asia & Australia 8,174 7,920 Total $ 1,979,878 $ 1,999,075

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2017
Subsequent Events [Abstract]
Subsequent Events	10. SUBSEQUENT EVENTS On August 1, 2017, the Board of Directors declared a cash dividend of $0.38 per share for third quarter 2017. The third quarter 2017 dividend is payable on August 31, 2017 to shareholders of record as of the close of trading on August 18, 2017.

Introduction and Basis of Pre17

Introduction and Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2017
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Basis of Presentation and Use of Estimates	Basis of Presentation and Use of Estimates These unaudited condensed consolidated financial statements include the accounts of MSCI Inc. and its subsidiaries and include all adjustments of a normal, recurring nature necessary to state fairly the financial condition as of June 30, 2017 and December 31, 2016, the results of operations and comprehensive income for the three and six months ended June 30, 2017 and 2016 and cash flows for the six months ended June 30, 2017 and 2016. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in MSCI’s Annual Report on Form 10-K for the year ended December 31, 2016. The unaudited condensed consolidated financial statement information as of December 31, 2016 has been derived from the 2016 audited consolidated financial statements. The results of operations for interim periods are not necessarily indicative of results for the entire year. The Company’s unaudited condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). These accounting principles require the Company to make certain estimates and judgments that can affect the reported amounts of assets and liabilities as of the date of the unaudited condensed consolidated financial statements, as well as the reported amounts of revenue and expenses during the periods presented. Significant estimates and assumptions made by management include the deferral and recognition of revenue, research and development and software capitalization, impairment of long-lived assets, accrued compensation, income taxes and other matters that affect the unaudited condensed consolidated financial statements and related disclosures. The Company believes that estimates used in the preparation of these unaudited condensed consolidated financial statements are reasonable; however, actual results could differ materially from these estimates. Intercompany balances and transactions are eliminated in consolidation.
Concentrations	Concentrations For the six months ended June 30, 2017, BlackRock, Inc. accounted for 10.7% of the Company’s consolidated operating revenues while no single customer represented 10.0% or more of the Company’s consolidated operating revenues for the six months ended June 30, 2016. For the six months ended June 30, 2017 and 2016, BlackRock, Inc. accounted for 19.0% and 16.9% of the Index segment operating revenues, respectively. No single customer represented 10.0% or more of revenues within the Analytics and All Other segments for the six months ended June 30, 2017 and 2016.
Recent Accounting Standards Updates	In May 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-09, “ Revenue from Contracts with Customers (Topic 606) Deferral of the Effective Date In March 2016, the FASB issued ASU 2016-08, “ Principal Versus Agent Considerations (Reporting Revenue Gross Versus Net) Identifying Performance Obligations and Licensing Narrow-Scope Improvements and Practical Expedients Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers In February 2016, the FASB issued Accounting Standards Update No. 2016-02, “ Leases (Topic 842) In March 2016, the FASB issued Accounting Standards Update No. 2016-09, “ Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, In June 2016, the FASB issued Accounting Standards Update No. 2016-13, “ Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments In January 2017, the FASB issued Accounting Standards Update No. 2017-01, “ Business Combinations (Topic 805): Clarifying the Definition of a Business In January 2017, the FASB issued Accounting Standards Update No. 2017-04, “ Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment In February 2017, the FASB issued ASU No. 2017-07, “ Compensation—Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost In May 2017, the FASB issued Accounting Standards Update No. 2017-09, “ Compensation—Stock Compensation (Topic 718), Scope of Modification Accounting,

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	6 Months Ended
	Jun. 30, 2017
Earnings Per Share [Abstract]
Computation of Basic and Diluted EPS	The following table presents the computation of basic and diluted EPS: Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 (in thousands, except per share data) Net income $ 81,266 $ 66,957 $ 154,217 $ 127,324 Basic weighted average common shares outstanding 90,404 96,412 90,555 97,918 Effect of dilutive securities: Stock options and restricted stock units 1,304 476 1,110 525 Diluted weighted average common shares outstanding 91,708 96,888 91,665 98,443 Earnings per basic common share $ 0.90 $ 0.69 $ 1.70 $ 1.30 Earnings per diluted common share $ 0.89 $ 0.69 $ 1.68 $ 1.29

Property, Equipment and Lease19

Property, Equipment and Leasehold Improvements (Tables)	6 Months Ended
	Jun. 30, 2017
Property Plant And Equipment [Abstract]
Schedule of Property, Equipment and Leasehold Improvements	Property, equipment and leasehold improvements at June 30, 2017 and December 31, 2016 consisted of the following: As of June 30, December 31, 2017 2016 (in thousands) Computer & related equipment $ 175,117 $ 162,306 Furniture & fixtures 10,207 9,724 Leasehold improvements 51,045 49,442 Work-in-process 8,340 10,954 Subtotal 244,709 232,426 Accumulated depreciation and amortization (155,884 ) (136,841 ) Property, equipment and leasehold improvements, net $ 88,825 $ 95,585

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2017
Goodwill And Intangible Assets Disclosure [Abstract]
Schedule of Goodwill by Reportable Segment	The following table presents goodwill by reportable segment: (in thousands) Index Analytics All Other (1) Total Goodwill at December 31, 2016 $ 1,202,448 $ 302,611 $ 50,791 $ 1,555,850 Foreign exchange translation adjustment 1,596 — 983 2,579 Goodwill at June 30, 2017 $ 1,204,044 $ 302,611 $ 51,774 $ 1,558,429 (1) The goodwill in All Other at June 30, 2017, consisted of $31.6 million in the ESG segment and $20.2 million in the Real Estate segment and at December 31, 2016 consisted of $31.6 million in the ESG segment and $19.2 million in the Real Estate segment.
Schedule of Gross Carrying and Accumulated Amortization Amounts Related to Company's Identifiable Intangible Assets	The gross carrying and accumulated amortization amounts related to the Company’s identifiable intangible assets were as follows: As of June 30, December 31, 2017 2016 (in thousands) Gross intangible assets: Customer relationships $ 361,199 $ 361,199 Trademarks/trade names 223,382 223,382 Technology/software 215,572 210,013 Proprietary data 28,627 28,627 Covenant not to compete 1,225 1,225 Subtotal 830,005 824,446 Foreign exchange translation adjustment (11,421 ) (13,946 ) Total gross intangible assets $ 818,584 $ 810,500 Accumulated amortization: Customer relationships (178,011 ) (166,923 ) Trademarks/trade names (110,878 ) (105,077 ) Technology/software (188,825 ) (184,290 ) Proprietary data (9,441 ) (8,571 ) Covenant not to compete (1,171 ) (1,089 ) Subtotal (488,326 ) (465,950 ) Foreign exchange translation adjustment 2,366 3,090 Total accumulated amortization $ (485,960 ) $ (462,860 ) Net intangible assets: Customer relationships $ 183,188 $ 194,276 Trademarks/trade names 112,504 118,305 Technology/software 26,747 25,723 Proprietary data 19,186 20,056 Covenant not to compete 54 136 Subtotal 341,679 358,496 Foreign exchange translation adjustment (9,055 ) (10,856 ) Total net intangible assets $ 332,624 $ 347,640
Estimated Amortization Expense for Remainder of 2017 and Succeeding Years	The following table presents the estimated amortization expense for the remainder of 2017 and succeeding years: Years Ending December 31, Amortization Expense (in thousands) Remainder 2017 $ 21,314 2018 42,836 2019 40,829 2020 38,956 2021 37,203 Thereafter 151,486 Total $ 332,624

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2017
Commitments And Contingencies Disclosure [Abstract]
Summary of Fair Values of Derivative Instruments	The following table presents the fair values of the Company’s derivative instruments and the location in which they are presented on the Company’s Unaudited Condensed Consolidated Statements of Financial Condition: Unaudited Condensed As of Consolidated Statements of June 30, December 31, (in thousands) Financial Condition Location 2017 2016 Non-designated hedging instruments: Asset derivatives: Foreign exchange contracts Prepaid and other assets $ 9 $ 27 Liability derivatives: Foreign exchange contracts Other accrued liabilities $ (127 ) $ (124 )
Effect of Financial Derivatives on Statements of Income	The following table presents the effect of the Company’s financial derivatives and the location in which they are presented on the Company’s Unaudited Condensed Consolidated Statements of Income: Amount of Gain or (Loss) Recognized Derivatives Not Designated as Location of Gain or in Income on Derivatives for the Hedging Instruments (Loss) Recognized Three Months Ended June 30, (in thousands) in Income on Derivatives 2017 2016 Foreign exchange contracts Other expense (income) $ (785 ) $ 700 Amount of Gain or (Loss) Recognized Derivatives Not Designated as Location of Gain or in Income on Derivatives for the Hedging Instruments (Loss) Recognized Six Months Ended June 30, (in thousands) in Income on Derivatives 2017 2016 Foreign exchange contracts Other expense (income) $ (1,119 ) $ 914

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2017
Equity [Abstract]
Schedule of Company's Common Stock Repurchases Made on Open Market	The following table provides information with respect to repurchases of the Company’s common stock made on the open market: Six Months Ended Average Price Paid Per Share Total Number of Shares Repurchased Dollar Value of Shares Repurchased (in thousands) June 30, 2017 $ 86.98 1,468 $ 127,735 June 30, 2016 $ 70.12 6,496 $ 455,516
Schedule of Dividends Declared Per Common Share and Total Amounts Declared, Distributed and Deferred	The following table presents dividends declared per common share as well as total amounts declared, distributed and deferred for the periods indicated: Dividends (in thousands, except per share amounts) Per Share Declared Distributed Deferred 2017 Three Months Ended March 31, $ 0.28 $ 25,769 $ 25,500 $ 269 Three Months Ended June 30, 0.28 25,710 25,444 266 Total $ 0.56 $ 51,479 $ 50,944 $ 535 2016 Three Months Ended March 31, $ 0.22 $ 22,046 $ 21,889 $ 157 Three Months Ended June 30, 0.22 21,588 21,391 197 Total $ 0.44 $ 43,634 $ 43,280 $ 354
Summary of Activity Related to Shares of Common Stock Issued and Repurchased	The following table presents activity related to shares of common stock issued and repurchased during the six months ended June 30, 2017: Common Stock Treasury Common Stock Issued Stock Outstanding Balance At December 31, 2016 128,996,344 (37,716,754 ) 91,279,590 Dividend payable/paid 114 (114 ) — Common stock issued and exercise of stock options 389,198 — 389,198 Shares withheld for tax withholding and exercises — (139,208 ) (139,208 ) Shares repurchased under stock repurchase programs — (1,079,005 ) (1,079,005 ) Shares issued to directors 51 (10 ) 41 Balance At March 31, 2017 129,385,707 (38,935,091 ) 90,450,616 Dividend payable/paid 126 (126 ) — Common stock issued and exercise of stock options 82,960 — 82,960 Shares withheld for tax withholding and exercises — (16,002 ) (16,002 ) Shares repurchased under stock repurchase programs — (389,479 ) (389,479 ) Shares issued to directors 8,329 (7,286 ) 1,043 Balance At June 30, 2017 129,477,122 (39,347,984 ) 90,129,138

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2017
Segment Reporting [Abstract]
Operating Revenue by Reportable Segment	The following table presents operating revenue by reportable segment for the periods indicated: Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 (in thousands) Operating revenues Index $ 177,156 $ 152,117 $ 340,591 $ 296,730 Analytics 113,367 112,393 225,787 222,656 All Other 25,566 26,086 50,918 50,038 Total $ 316,089 $ 290,596 $ 617,296 $ 569,424
Segment Profitability and Reconciliation to Net Income	The following table presents segment profitability and a reconciliation to net income for the periods indicated: Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 (in thousands) Index Adjusted EBITDA $ 129,476 $ 106,518 $ 245,113 $ 206,567 Analytics Adjusted EBITDA 31,741 33,302 61,277 63,662 All Other Adjusted EBITDA 5,032 6,207 10,550 8,947 Total operating segment profitability 166,249 146,027 316,940 279,176 Amortization of intangible assets 11,122 11,943 22,373 23,783 Depreciation and amortization of property, equipment and leasehold improvements 9,159 8,393 17,997 16,561 Operating income 145,968 125,691 276,570 238,832 Other expense (income), net 28,457 25,147 57,434 47,511 Provision for income taxes 36,245 33,587 64,919 63,997 Net income $ 81,266 $ 66,957 $ 154,217 $ 127,324
Revenue by Geographic Area	Revenue by geography is based on the shipping address of the ultimate customer utilizing the product. The following table presents revenue by geographic area for the periods indicated: Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 (in thousands) Revenues Americas: United States $ 155,997 $ 134,719 $ 300,835 $ 272,364 Other 11,298 11,388 22,952 21,970 Total Americas 167,295 146,107 323,787 294,334 Europe, the Middle East and Africa ("EMEA"): United Kingdom 47,237 43,976 94,262 86,586 Other 63,786 63,435 124,088 116,874 Total EMEA 111,023 107,411 218,350 203,460 Asia & Australia: Japan 13,237 13,563 26,063 26,203 Other 24,534 23,515 49,096 45,427 Total Asia & Australia 37,771 37,078 75,159 71,630 Total $ 316,089 $ 290,596 $ 617,296 $ 569,424
Long-Lived Assets by Geographic Area	Long-lived assets consist of property, equipment, leasehold improvements, goodwill and intangible assets, net of accumulated depreciation and amortization. The following table presents long-lived assets by geographic area on the dates indicated: As of June 30, December 31, 2017 2016 (in thousands) Long-lived assets Americas: United States $ 1,854,391 $ 1,876,366 Other 1,881 1,543 Total Americas 1,856,272 1,877,909 EMEA: United Kingdom 91,999 89,466 Other 23,433 23,780 Total EMEA 115,432 113,246 Asia & Australia: Japan 279 357 Other 7,895 7,563 Total Asia & Australia 8,174 7,920 Total $ 1,979,878 $ 1,999,075

Introduction and Basis of Pre24

Introduction and Basis of Presentation - Additional Information (Detail) - Operating Revenues [Member] - Customer Concentration Risk [Member] - Customer	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Introduction And Basis Of Presentation [Line Items]
Number of major customers represented 10.0% or more of revenues		0
BlackRock Inc [Member]
Introduction And Basis Of Presentation [Line Items]
Percentage of operating revenues accounted for by major customer	10.70%
Index [Member] | BlackRock Inc [Member]
Introduction And Basis Of Presentation [Line Items]
Percentage of operating revenues accounted for by major customer	19.00%	16.90%
Analytics [Member]
Introduction And Basis Of Presentation [Line Items]
Number of major customers represented 10.0% or more of revenues	0	0
All Other [Member]
Introduction And Basis Of Presentation [Line Items]
Number of major customers represented 10.0% or more of revenues	0	0

Recent Accounting Standards U25

Recent Accounting Standards Updates - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2017	Jun. 30, 2016
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Increase in net cash provided by operating activities		$ 159,232	$ 154,983
Decrease in net cash used in financing activities		(190,624)	$ (506,584)
Accounting Standards Update 2016-09 [Member] | New Accounting Pronouncement, Early Adoption, Effect [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Amount of excess tax benefits recognition	$ 1,000	$ 4,100
Effect of change on diluted earnings per share	$ 0.01	$ 0.04
Increase in net cash provided by operating activities		$ 4,900
Decrease in net cash used in financing activities		$ (4,900)

Earnings Per Common Share - Add

Earnings Per Common Share - Additional Information (Detail) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Earnings Per Share [Abstract]
Anti-dilutive securities excluded from the calculation of diluted EPS	0	0	1,501	0

Earnings Per Common Share - Com

Earnings Per Common Share - Computation of Basic and Diluted EPS (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Earnings Per Share [Abstract]
Net income	$ 81,266	$ 66,957	$ 154,217	$ 127,324
Basic weighted average common shares outstanding	90,404	96,412	90,555	97,918
Effect of dilutive securities:
Stock options and restricted stock units	1,304	476	1,110	525
Diluted weighted average common shares outstanding	91,708	96,888	91,665	98,443
Earnings per basic common share	$ 0.90	$ 0.69	$ 1.70	$ 1.30
Earnings per diluted common share	$ 0.89	$ 0.69	$ 1.68	$ 1.29

Property, Equipment and Lease28

Property, Equipment and Leasehold Improvements - Schedule of Property, Equipment and Leasehold Improvements (Detail) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Property Plant And Equipment [Abstract]
Computer & related equipment	$ 175,117	$ 162,306
Furniture & fixtures	10,207	9,724
Leasehold improvements	51,045	49,442
Work-in-process	8,340	10,954
Subtotal	244,709	232,426
Accumulated depreciation and amortization	(155,884)	(136,841)
Property, equipment and leasehold improvements, net	$ 88,825	$ 95,585

Property, Equipment and Lease29

Property, Equipment and Leasehold Improvements - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Property Plant And Equipment [Abstract]
Depreciation and amortization of property, equipment and leasehold improvements	$ 9,159	$ 8,393	$ 17,997	$ 16,561

Goodwill and Intangible Asset30

Goodwill and Intangible Assets - Schedule of Goodwill by Reportable Segment (Detail) $ in Thousands	6 Months Ended
	Jun. 30, 2017USD ($)
Goodwill [Line Items]
Goodwill at December 31, 2016	$ 1,555,850
Foreign exchange translation adjustment	2,579
Goodwill at June 30, 2017	1,558,429
Index [Member]
Goodwill [Line Items]
Goodwill at December 31, 2016	1,202,448
Foreign exchange translation adjustment	1,596
Goodwill at June 30, 2017	1,204,044
Analytics [Member]
Goodwill [Line Items]
Goodwill at December 31, 2016	302,611
Goodwill at June 30, 2017	302,611
All Other [Member]
Goodwill [Line Items]
Goodwill at December 31, 2016	50,791
Foreign exchange translation adjustment	983
Goodwill at June 30, 2017	$ 51,774

Goodwill and Intangible Asset31

Goodwill and Intangible Assets - Schedule of Goodwill by Reportable Segment - Parenthetical (Detail) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Goodwill [Line Items]
Goodwill	$ 1,558,429	$ 1,555,850
All Other [Member]
Goodwill [Line Items]
Goodwill	51,774	50,791
All Other [Member] | ESG [Member]
Goodwill [Line Items]
Goodwill	31,600	31,600
All Other [Member] | Real Estate [Member]
Goodwill [Line Items]
Goodwill	$ 20,200	$ 19,200

Goodwill and Intangible Asset32

Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Goodwill And Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 11,122	$ 11,943	$ 22,373	$ 23,783

Goodwill and Intangible Asset33

Goodwill and Intangible Assets - Schedule of Gross Carrying and Accumulated Amortization Amounts Related to Company's Identifiable Intangible Assets (Detail) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Acquired Finite Lived Intangible Assets [Line Items]
Gross carrying value	$ 818,584	$ 810,500
Accumulated amortization	(485,960)	(462,860)
Net carrying value	332,624	347,640
Customer Relationships [Member]
Acquired Finite Lived Intangible Assets [Line Items]
Gross carrying value	361,199	361,199
Accumulated amortization	(178,011)	(166,923)
Net carrying value	183,188	194,276
Trademarks/Trade Names [Member]
Acquired Finite Lived Intangible Assets [Line Items]
Gross carrying value	223,382	223,382
Accumulated amortization	(110,878)	(105,077)
Net carrying value	112,504	118,305
Technology/Software [Member]
Acquired Finite Lived Intangible Assets [Line Items]
Gross carrying value	215,572	210,013
Accumulated amortization	(188,825)	(184,290)
Net carrying value	26,747	25,723
Proprietary Data [Member]
Acquired Finite Lived Intangible Assets [Line Items]
Gross carrying value	28,627	28,627
Accumulated amortization	(9,441)	(8,571)
Net carrying value	19,186	20,056
Covenant Not to Compete [Member]
Acquired Finite Lived Intangible Assets [Line Items]
Gross carrying value	1,225	1,225
Accumulated amortization	(1,171)	(1,089)
Net carrying value	54	136
Subtotal [Member]
Acquired Finite Lived Intangible Assets [Line Items]
Gross carrying value	830,005	824,446
Accumulated amortization	(488,326)	(465,950)
Net carrying value	341,679	358,496
Foreign Exchange Translation Adjustment [Member]
Acquired Finite Lived Intangible Assets [Line Items]
Gross carrying value	(11,421)	(13,946)
Accumulated amortization	2,366	3,090
Net carrying value	$ (9,055)	$ (10,856)

Goodwill and Intangible Asset34

Goodwill and Intangible Assets - Estimated Amortization Expense for Remainder of 2017 and Succeeding Years (Detail) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Goodwill And Intangible Assets Disclosure [Abstract]
Remainder 2,017	$ 21,314
2,018	42,836
2,019	40,829
2,020	38,956
2,021	37,203
Thereafter	151,486
Net carrying value	$ 332,624	$ 347,640

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - USD ($)	Aug. 04, 2016	Aug. 13, 2015	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016	Nov. 20, 2014
Schedule Of Commitments And Contingencies [Line Items]
Annual rent expense			$ 6,100,000	$ 6,100,000	$ 11,900,000	$ 12,200,000
Revolving credit agreement, conditional description					The 2014 Revolving Credit Agreement had an initial term of five years with an option to extend for two additional one-year terms. On August 4, 2016, the Company entered into Amendment No. 1 (the “Amendment”) to the 2014 Revolving Credit Agreement (the 2014 Revolving Credit Agreement as so amended, the “Revolving Credit Agreement”). The Amendment, among other things, (i) increased aggregate commitments available to be borrowed to $220.0 million, (ii) increased the maximum consolidated leverage ratio and (iii) extended the initial term to August 2021 with an option to extend for an additional one-year term.
Long-term debt			2,076,647,000		$ 2,076,647,000		$ 2,075,201,000
Deferred financing fees			23,400,000		23,400,000		24,800,000
Fair market value of debt obligations			2,237,800,000		2,237,800,000		$ 2,192,500,000
Derivatives not Designated as Hedging Instruments [Member] | Foreign Currency Forwards [Member]
Schedule Of Commitments And Contingencies [Line Items]
Foreign currency forwards, notional amount			34,100,000		34,100,000
Prepaid and Other Assets [Member]
Schedule Of Commitments And Contingencies [Line Items]
Deferred financing fees			500,000		500,000
Other Non-Current Assets [Member]
Schedule Of Commitments And Contingencies [Line Items]
Deferred financing fees			1,500,000		1,500,000
Long-term Debt [Member]
Schedule Of Commitments And Contingencies [Line Items]
Deferred financing fees			23,400,000		$ 23,400,000
2014 Revolving Credit Agreement [Member]
Schedule Of Commitments And Contingencies [Line Items]
Revolving credit facility, maximum borrowing								$ 200,000,000
Revolving credit agreement, term					5 years
Revolving Credit Agreement [Member]
Schedule Of Commitments And Contingencies [Line Items]
Revolving credit facility, maximum borrowing	$ 220,000,000
Revolving credit agreement, extended term	1 year
Revolving credit agreement, amounts drawn			0		$ 0
Senior Notes [Member]
Schedule Of Commitments And Contingencies [Line Items]
Debt instrument principal amount			2,100,000,000		2,100,000,000
Senior Notes and Revolving Credit Facility [Member]
Schedule Of Commitments And Contingencies [Line Items]
Deferred financing fees			$ 25,400,000		$ 25,400,000
5.250% Senior Unsecured Notes Due 2024 [Member]
Schedule Of Commitments And Contingencies [Line Items]
Debt instrument principal amount								$ 800,000,000
Debt instrument interest rate								5.25%
Maturity date					Nov. 15, 2024
Redemption description					At any time prior to November 15, 2019, the Company may redeem all or part of the 2024 Senior Notes upon not less than 30 nor more than 60 days’ prior notice at a redemption price equal to the sum of (i) 100% of the principal amount thereof, plus (ii) a make-whole premium as of the date of redemption, plus (iii) accrued and unpaid interest and additional interest, if any, thereon, to the date of redemption.
Percentage of aggregate principal amount redeemed					35.00%
Redemption price					105.25%
Debt instrument description					Interest payments attributable to the 2024 Senior Notes are due on May 15 and November 15 of each year.
Debt instrument, first interest payment date					May 15, 2015
Term Loan [Member]
Schedule Of Commitments And Contingencies [Line Items]
Outstanding indebtedness, amount								$ 794,800,000
5.75% Senior Unsecured Notes Due 2025 [Member]
Schedule Of Commitments And Contingencies [Line Items]
Debt instrument principal amount		$ 800,000,000
Debt instrument interest rate		5.75%
Net proceeds from borrowing		$ 789,500,000
4.75% Senior Unsecured Notes Due 2026 [Member]
Schedule Of Commitments And Contingencies [Line Items]
Debt instrument principal amount	$ 500,000,000
Debt instrument interest rate	4.75%
Net proceeds from borrowing	$ 493,300,000
Maturity date					Aug. 1, 2026
Redemption description					At any time prior to August 1, 2021, the Company may redeem all or part of the 2026 Senior Notes upon not less than 30 nor more than 60 days’ prior notice at a redemption price equal to the sum of (i) 100% of the principal amount thereof, plus (ii) a make-whole premium as of the date of redemption, plus (iii) accrued and unpaid interest and additional interest, if any, thereon, to the date of redemption.
Percentage of aggregate principal amount redeemed					35.00%
Redemption price					104.75%
Debt instrument description					Interest payments attributable to the 2026 Senior Notes are due on February 1 and August 1 of each year.
Debt instrument, first interest payment date					Feb. 1, 2017
5.75% Senior Notes Due In 2025 [Member]
Schedule Of Commitments And Contingencies [Line Items]
Maturity date					Aug. 15, 2025
Redemption description					At any time prior to August 15, 2020, the Company may redeem all or part of the 2025 Senior Notes upon not less than 30 nor more than 60 days’ prior notice at a redemption price equal to the sum of (i) 100% of the principal amount thereof, plus (ii) a make-whole premium as of the date of redemption, plus (iii) accrued and unpaid interest and additional interest, if any, thereon, to the date of redemption.
Percentage of aggregate principal amount redeemed					35.00%
Redemption price					105.75%
Debt instrument description					Interest payments attributable to the 2025 Senior Notes are due on February 15 and August 15 of each year.
Debt instrument, first interest payment date					Feb. 16, 2016

Commitments and Contingencies36

Commitments and Contingencies - Summary of Fair Values of Derivative Instruments (Detail) - Derivatives not Designated as Hedging Instruments [Member] - Foreign Exchange Contracts [Member] - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Prepaid and Other Assets [Member]
Derivatives, Fair Value [Line Items]
Asset derivatives	$ 9	$ 27
Other Accrued Liabilities [Member]
Derivatives, Fair Value [Line Items]
Liability derivatives	$ (127)	$ (124)

Commitments and Contingencies37

Commitments and Contingencies - Effect of Financial Derivatives on Statements of Income (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Foreign Exchange Contracts [Member] | Derivatives not Designated as Hedging Instruments [Member] | Other Expense (Income) [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain or (Loss) Recognized in Income on Derivatives	$ (785)	$ 700	$ (1,119)	$ 914

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Detail) - USD ($)	Jun. 30, 2017	Oct. 26, 2016	Oct. 28, 2015
2015 Repurchase Program [Member]
Equity, Class of Treasury Stock [Line Items]
Repurchase program authorizing the purchase of shares			$ 1,000,000,000
Stock repurchase program, remaining authorized repurchase amount		$ 330,300,000
2016 Repurchase Program [Member]
Equity, Class of Treasury Stock [Line Items]
Repurchase program authorizing the purchase of shares		$ 750,000,000
Stock repurchase program, remaining authorized repurchase amount	$ 742,200,000

Shareholders' Equity - Schedule

Shareholders' Equity - Schedule of Company's Common Stock Repurchases Made on Open Market (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	6 Months Ended
	Mar. 31, 2017	Jun. 30, 2017	Jun. 30, 2016
Equity, Class of Treasury Stock [Line Items]
Total Number of Shares Repurchased	1,079,005	389,479
Open Market Purchases of Common Stock [Member]
Equity, Class of Treasury Stock [Line Items]
Average Price Paid Per Share		$ 86.98	$ 70.12
Total Number of Shares Repurchased		1,468,000	6,496,000
Dollar Value of Shares Repurchased		$ 127,735	$ 455,516

Shareholders' Equity - Schedu40

Shareholders' Equity - Schedule of Dividends Declared Per Common Share and Total Amounts Declared, Distributed and Deferred (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2017	Mar. 31, 2017	Jun. 30, 2016	Mar. 31, 2016	Jun. 30, 2017	Jun. 30, 2016
Statement Of Stockholders Equity [Abstract]
Dividend declared per common share	$ 0.28	$ 0.28	$ 0.22	$ 0.22	$ 0.56	$ 0.44
Cash dividends declared, Amount	$ 25,710	$ 25,769	$ 21,588	$ 22,046	$ 51,479	$ 43,634
Cash dividends distributed, Amount	25,444	25,500	21,391	21,889	50,944	43,280
Cash dividends deferred, Amount	$ 266	$ 269	$ 197	$ 157	$ 535	$ 354

Shareholders' Equity - Summary

Shareholders' Equity - Summary of Activity Related to Shares of Common Stock Issued and Repurchased (Detail) - shares	3 Months Ended	6 Months Ended
	Mar. 31, 2017	Jun. 30, 2017
Common Stock Outstanding [Line Items]
Beginning balance	91,279,590	91,279,590
Common stock issued and exercise of stock options	389,198	82,960
Shares withheld for tax withholding and exercises	(139,208)	(16,002)
Shares repurchased under stock repurchase programs	(1,079,005)	(389,479)
Shares issued to directors	41	1,043
Ending balance	90,450,616	90,129,138
Common Stock Issued [Member]
Common Stock Outstanding [Line Items]
Beginning balance	128,996,344	128,996,344
Dividend payable/paid	114	126
Common stock issued and exercise of stock options	389,198	82,960
Shares issued to directors	51	8,329
Ending balance	129,385,707	129,477,122
Treasury Stock [Member]
Common Stock Outstanding [Line Items]
Beginning balance	(37,716,754)	(37,716,754)
Dividend payable/paid	(114)	(126)
Shares withheld for tax withholding and exercises	(139,208)	(16,002)
Shares repurchased under stock repurchase programs	(1,079,005)	(389,479)
Shares issued to directors	(10)	(7,286)
Ending balance	(38,935,091)	(39,347,984)

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Income Tax Examination [Line Items]
Provision for income taxes	$ 36,245	$ 33,587	$ 64,919	$ 63,997
Effective tax rate			29.60%	33.50%
Amounts effect on effective tax rate	3,900		$ 3,900
Decrease in effective tax rate			1.80%
Significant change in unrecognized tax benefits, reasonably possible			It is reasonably possible that significant changes in the balance of unrecognized tax benefits may occur within the next 12 months.
Significant change in unrecognized tax benefits, not possible			At this time, however, it is not possible to reasonably estimate the expected change to the total amount of unrecognized tax benefits and the impact on the effective tax rate over the next 12 months.
Minimum [Member]
Income Tax Examination [Line Items]
Tax years under examination			2,005
Maximum [Member]
Income Tax Examination [Line Items]
Tax years under examination			2,016
State and Local Jurisdiction [Member] | New York State Division of Taxation and Finance [Member] | Minimum [Member] | Morgan Stanley [Member]
Income Tax Examination [Line Items]
Tax years under examination			2,007
State and Local Jurisdiction [Member] | New York State Division of Taxation and Finance [Member] | Maximum [Member] | Morgan Stanley [Member]
Income Tax Examination [Line Items]
Tax years under examination			2,008
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Minimum [Member] | Morgan Stanley [Member]
Income Tax Examination [Line Items]
Tax years under examination			2,006
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Maximum [Member] | Morgan Stanley [Member]
Income Tax Examination [Line Items]
Tax years under examination			2,008
Accounting Standards Update 2016-09 [Member] | New Accounting Pronouncement, Early Adoption, Effect [Member]
Income Tax Examination [Line Items]
Amount of excess tax benefits recognition	$ 1,000		$ 4,100

Segment Information - Additiona

Segment Information - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2017Segment
Segment Reporting [Abstract]
Number of operating segments	4

Segment Information - Operating

Segment Information - Operating Revenue by Reportable Segment (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Segment Reporting, Revenue Reconciling Item [Line Items]
Total	$ 316,089	$ 290,596	$ 617,296	$ 569,424
Index [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Total	177,156	152,117	340,591	296,730
Analytics [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Total	113,367	112,393	225,787	222,656
All Other [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Total	$ 25,566	$ 26,086	$ 50,918	$ 50,038

Segment Information - Segment P

Segment Information - Segment Profitability and Reconciliation to Net Income (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Segment Reporting Information [Line Items]
Adjusted EBITDA	$ 166,249	$ 146,027	$ 316,940	$ 279,176
Amortization of intangible assets	11,122	11,943	22,373	23,783
Depreciation and amortization of property, equipment and leasehold improvements	9,159	8,393	17,997	16,561
Operating income	145,968	125,691	276,570	238,832
Other expense (income), net	28,457	25,147	57,434	47,511
Provision for income taxes	36,245	33,587	64,919	63,997
Net income	81,266	66,957	154,217	127,324
Index [Member]
Segment Reporting Information [Line Items]
Adjusted EBITDA	129,476	106,518	245,113	206,567
Analytics [Member]
Segment Reporting Information [Line Items]
Adjusted EBITDA	31,741	33,302	61,277	63,662
All Other [Member]
Segment Reporting Information [Line Items]
Adjusted EBITDA	$ 5,032	$ 6,207	$ 10,550	$ 8,947

Segment Information - Revenue b

Segment Information - Revenue by Geographic Area (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Revenues from External Customers and Long-Lived Assets [Line Items]
Operating revenues	$ 316,089	$ 290,596	$ 617,296	$ 569,424
United States [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Operating revenues	155,997	134,719	300,835	272,364
Other [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Operating revenues	11,298	11,388	22,952	21,970
Total Americas [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Operating revenues	167,295	146,107	323,787	294,334
United Kingdom [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Operating revenues	47,237	43,976	94,262	86,586
Other [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Operating revenues	63,786	63,435	124,088	116,874
Europe, the Middle East and Africa ("EMEA") [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Operating revenues	111,023	107,411	218,350	203,460
Japan [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Operating revenues	13,237	13,563	26,063	26,203
Other [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Operating revenues	24,534	23,515	49,096	45,427
Total Asia & Australia [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Operating revenues	$ 37,771	$ 37,078	$ 75,159	$ 71,630

Segment Information - Long-Live

Segment Information - Long-Lived Assets by Geographic Area (Detail) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 1,979,878	$ 1,999,075
United States [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	1,854,391	1,876,366
Other [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	1,881	1,543
Total Americas [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	1,856,272	1,877,909
United Kingdom [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	91,999	89,466
Other [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	23,433	23,780
Total EMEA [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	115,432	113,246
Japan [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	279	357
Other [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	7,895	7,563
Total Asia & Australia [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 8,174	$ 7,920

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - $ / shares	Aug. 01, 2017	Jun. 30, 2017	Mar. 31, 2017	Jun. 30, 2016	Mar. 31, 2016	Jun. 30, 2017	Jun. 30, 2016
Subsequent Event [Line Items]
Quarterly dividend declared		$ 0.28	$ 0.28	$ 0.22	$ 0.22	$ 0.56	$ 0.44
Subsequent Events [Member]
Subsequent Event [Line Items]
Quarterly dividend declared	$ 0.38
Quarterly dividend declared date	Aug. 1, 2017
Quarterly dividend payable date	Aug. 31, 2017
Quarterly dividend record date	Aug. 18, 2017